Decision details

Cabinet received a report of the Chief Finance Officer which set out the financial monitoring position for 2023/24 as at Period 8, 1 April to 30 November 2023. 

The Mayor invited Councillor Watkin to introduce the report.

Councillor Watkin explained that the report provided details of the original budget that had been agreed at Council on 31 January 2023 and the changes agreed by Council on 17 October 2023.  It included information on the pressures on the council, which were clearly explained in the report by the Chief Finance Office.  He highlighted the main variation due to the cost of temporary accommodation due to an increase in demand.  He noted other changes included the re-profiling of some projects, including the Town Hall Quarter and the reduced forecast for Woodside Sports Village.  Helpful notes were included in the officer’s report.  He referred to changes in reserves but these would be kept at a prudent level.

The Chief Finance Officer was invited to add further comments.  She advised members that there had been a slight improvement in the general fund balance since the last report up to the end of period 6.  This showed the budget was moving in the right direction.  She hoped that this would be further improved by the year end.

The Mayor was disappointed that the Chair of Finance Scrutiny Committee was not present as it would have been his opportunity to feed back any comments from scrutiny members.  He asked the Chief Finance Officer if any points had been raised at the meeting.

The Chief Finance Officer responded that the scrutiny committee had mainly focussed on the budget report, which followed. 

RESOLVED –

1.         that the Financial Monitoring Report 2023/24 – Period 8 and both the revenue and capital forecasts for 2023/24 be noted.

2.         that the virement requests to Council as set out in Appendix 7 be noted.

3.         that Cabinet notes Finance Scrutiny Committee received the monitoring report for period 8 and that there were no recommendations.